In light of this new evidence, then, those folks may now want to revisit their claims about the cause of the crisis, because they got that wrong, too.

Members of the media have let their eagerness to see the collapse of "free-market capitalism" (even though we haven't actually had anything resembling free-market capitalism of late) cloud their judgment. Politicians have seized on an opportunity to satisfy their hunger for greater control over our affairs, while wonks have rushed to claim the opinions of the media and the politicians as their own.

Hopefully, rationality will return soon – because we free-market capitalists are starting to get sore throats from repeating "we told you so."